Microchip Technology Stock Rating Reaffirmed by B. Riley (MCHP)
Microchip Technology (NASDAQ:MCHP)‘s stock had its “neutral” rating restated by equities researchers at B. Riley in a research report issued on Friday. They currently have a $50.00 price objective on the stock, up from their previous price objective of $45.00. B. Riley’s target price would suggest a potential upside of 11.06% from the company’s current price.
MCHP has been the subject of a number of other recent research reports. Analysts at Zacks reiterated a “neutral” rating on shares of Microchip Technology in a research note on Friday. They now have a $47.00 price target on the stock. Separately, analysts at Needham & Company LLC raised their price target on shares of Microchip Technology from $55.00 to $57.00 in a research note on Friday. They now have a “buy” rating on the stock. Finally, analysts at Goldman Sachs downgraded shares of Microchip Technology from a “buy” rating to a “neutral” rating in a research note on Monday, June 2nd. They now have a $49.00 price target on the stock. They noted that the move was a valuation call. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $50.45.
Microchip Technology (NASDAQ:MCHP) traded up 2.47% during mid-day trading on Friday, hitting $46.13. The stock had a trading volume of 1,704,337 shares. Microchip Technology has a 52-week low of $38.44 and a 52-week high of $50.04. The stock’s 50-day moving average is $48.50 and its 200-day moving average is $47.01. The company has a market cap of $9.239 billion and a price-to-earnings ratio of 24.74.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, July 31st. The company reported $0.68 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.67 by $0.01. The company had revenue of $531.30 million for the quarter, compared to the consensus estimate of $527.59 million. During the same quarter in the prior year, the company posted $0.57 earnings per share. The company’s quarterly revenue was up 14.8% on a year-over-year basis. Analysts expect that Microchip Technology will post $2.77 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, September 4th. Stockholders of record on Thursday, August 21st will be paid a dividend of $0.356 per share. This represents a $1.42 annualized dividend and a dividend yield of 3.16%.
Microchip Technology Incorporated develops and manufactures specialized semiconductor products used by its customers for a variety of embedded control applications.
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